in Education
Hello,
Our son started college last Fall. In order to pay for his tuition, me and my wife each withdrawn from our retirement accounts. I withdrawn almost $20k from my Roth IRA, while my wife withdrawn $8k from her Traditional IRA.
We are both under the age of 59.
While completing my tax, I saw my share of withdrawn was listed as nontaxable. However, my wife's share was listed as taxable, even after I put $8k as educational expense, when asked.
Did I missed a step? I have gone back and did it four more times, but every times her share just kept being listed as taxable.
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Your withdrawal from your Roth IRA for education purposes is exempted from income taxes and the 10% early withdrawal penalty if the amount withdrawn is from your original contributions to your Roth IRA.
Your wife's withdrawal from her Traditional IRA to pay for your son's tuition is exempted from the 10% early withdrawal penalty, but not exempt from income taxes.
Please read this TurboTax Help article for more information.
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